丨证券研究报告丨 公司研究丨点评报告丨紫燕食品（603057.SH） [Table_Title] 紫燕食品 2025 年半报点评：主业环比好转，关 注海外供应链布局 报告要点 %% %% [Table_Summary] 公司 2025H1 营业总收入 14.73 亿元（同比-11.46%，下文皆为同比）；归母净利润 1.05 亿元 （-47.2%），扣非净利润 8262.17 万元（-49.28%）。2025Q2 营业总收入 9.09 亿元（-6.16%）； 归母净利润 8935.89 万元（-37.99%），扣非净利润 7761.89 万元（-37.49%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 紫燕食品（603057.SH） cjzqdt11111 公司 2025H1 营业总收入 14.73 亿元（同比-11.46%，下文皆为同比）；归母净利润 1.05 亿元 （-47.2%），扣非净利润 8262. ...

证券代码：603057 证券简称：紫燕食品 公告编号：2025-057 3、主营业务按区域分类情况： | | 单位：元 | 币种：人民币 | | --- | --- | --- | | 分地区 | 2025 年 1-6 月 | | | | 金额 | 占比 | | 华东 | 998,954,071.17 | 68.96% | | 华中 | 166,508,156.54 | 11.49% | | 西南 | 142,540,880.93 | 9.84% | | 华北 | 55,043,560.88 | 3.80% | | 华南 | 40,716,101.82 | 2.81% | | 西北 | 20,044,365.65 | 1.38% | | 东北 | 7,575,875.37 | 0.52% | | 境外 | 6,487,324.00 | 0.45% | | 其他 | 10,738,190.35 | 0.74% | | 主营业务收入小计 | 1,448,608,526.70 | 100.00% | 紫燕食品集团股份有限公司 2025 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 ...

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Group 1 - The article highlights a family trip to Chengdu, Sichuan, emphasizing the city's attractions such as giant pandas, local cuisine, and rich cultural heritage [1][3] - The trip was organized by a local guide named Linlin, who tailored a four-day itinerary based on the family's needs and budget, with costs ranging from 800 to 1200 yuan per person, including accommodation, transportation, entrance fees, and some meals [3][11] - The itinerary included visits to popular sites like Kuanzhai Alley, Chengdu Research Base of Giant Panda Breeding, Dujiangyan Scenic Area, and Qingcheng Mountain, showcasing both cultural and natural attractions [5][6][7] Group 2 - The first day involved exploring Kuanzhai Alley, where the family enjoyed local snacks and traditional Sichuan dishes, enhancing their culinary experience [5] - The second day focused on the Chengdu Research Base of Giant Panda Breeding, where the family learned about panda conservation and enjoyed observing the animals [6] - The third day featured a visit to the ancient Dujiangyan irrigation system and Qingcheng Mountain, highlighting ancient Chinese engineering and Daoist culture [7] Group 3 - The final day allowed for free activities, with options for shopping at Chunxi Road or relaxing at People's Park, reflecting the leisurely lifestyle of Chengdu [8] - The article provides practical travel tips, including necessary documents, weather considerations, transportation options, and cultural respect [9] - It also recommends local delicacies such as Long Chao Shou, Zhong Shui Jiao, Fu Qi Fei Pian, and Lai Tang Yuan, showcasing the region's culinary diversity [10]

Core Insights - The article highlights the comprehensive quality control measures implemented by Ziyan Food, which ensure food safety and product quality from raw material selection to consumer feedback [1][9][14] - Ziyan Food's successful product offerings, particularly the popular "Husband and Wife Lung Slices," contribute significantly to its revenue, showcasing the effectiveness of its quality management practices [7][14] Group 1: Quality Control Measures - Ziyan Food has established a closed-loop quality control system that encompasses raw material selection, production processes, cold chain logistics, and store management [1][9] - The company collaborates with major suppliers like Wens Foodstuffs Group and COFCO to secure high-quality raw materials through long-term agreements [7][9] - A rigorous three-party acceptance system is in place for raw materials, ensuring only those that meet strict quality standards enter the production phase [7][9] Group 2: Production and Innovation - Ziyan Food combines traditional techniques with modern technology to optimize its production processes, ensuring consistent taste and quality [8][10] - The company is expanding its product range beyond traditional flavors to cater to diverse regional preferences across China [8][14] - The establishment of high-standard production bases enhances operational efficiency and product consistency [10][11] Group 3: Logistics and Distribution - Ziyan Food employs a self-built cold chain logistics fleet to ensure efficient and safe delivery of products from factories to stores [10][11] - Advanced technologies such as IoT and GPS tracking are utilized to monitor product conditions during transportation, maintaining freshness and safety [10][12] - The company has developed a supply chain system that allows for rapid order fulfillment, enhancing customer satisfaction [11][12] Group 4: Consumer Engagement and Feedback - Ziyan Food has implemented a digital management ecosystem that integrates various systems for real-time data analysis and operational efficiency [12][14] - The company actively collects consumer feedback through in-store evaluation machines, allowing for quick responses to customer needs [14] - A comprehensive food safety training program has been initiated to reinforce safety standards across all operational levels [14]

Core Points - The article discusses a customized five-day, four-night travel itinerary in Sichuan, highlighting the romantic experiences and attractions available for couples [1][3][10] - The overall cost for the trip is mentioned to be between 800 to 1200 yuan per person, emphasizing the affordability and value of the travel package [1] Itinerary Summary - Day 1: Arrival in Chengdu, exploring Kuanzhai Alley and Jinli, experiencing local snacks and the vibrant atmosphere [3][4] - Day 2: Visit to Dujiangyan and Qingcheng Mountain, learning about ancient water conservation techniques and enjoying the natural beauty [5] - Day 3: Journey to Jiuzhaigou, admiring stunning landscapes and natural wonders, enhancing the romantic experience [6] - Day 4: Exploration of Huanglong, known for its unique calcium deposits and colorful pools, deepening the connection with nature [7] - Day 5: Cultural immersion in Chengdu, visiting Wuhou Shrine and the Panda Base, concluding the trip with memorable experiences [8] Travel Tips - Importance of planning the itinerary in advance to cover various attractions efficiently [10] - Awareness of weather changes and local customs to enhance the travel experience [11] - Emphasis on maintaining a romantic atmosphere during the trip through special activities [11]

Core Viewpoint - The translation of Chinese dish names into English often leads to confusion and misinterpretation, highlighting the complexity of Chinese culinary culture and the challenges faced in accurately conveying its essence to foreign audiences [1][3][10]. Group 1: Translation Challenges - Translating Chinese dish names is a complex task that often results in strange or misleading interpretations, as many dishes have unique cultural backgrounds that are difficult to encapsulate in English [3][7]. - The lack of corresponding culinary terminology in English makes it challenging to convey the specific meanings and cooking methods associated with Chinese cuisine [7][9]. Group 2: Examples of Misinterpretation - The dish "夫妻肺片" (Husband-and-Wife Lung Slices) is a prime example where the translation could be misleading; it refers to spicy beef offal, and while a more descriptive translation could be "spicy sliced beef offal," it lacks the charm of the original name [9]. - The term "dumpling" in English is a broad category that encompasses various stuffed foods, which can confuse those familiar with the specific types of dumplings in Chinese cuisine [9]. - The dish "鱼香茄子" (fish-fragrant eggplant) does not contain fish; its name derives from the spices used, and while "spicy Sichuan eggplant" is a more accurate translation, the culinary community often retains the misleading name for its cultural significance [9]. Group 3: Cultural Significance of Translation - The purpose of translating dish names is to attract potential customers and make the dishes more understandable, emphasizing the importance of translation in cultural exchange [10]. - Misinterpretations in translation can sometimes enrich cultural understanding, suggesting that there is value in both accurate and inaccurate translations [10].

Core Points - The Sichuan Provincial People's Congress held a special press conference to announce the "Sichuan Province Regulation on Promoting the Development of Sichuan Cuisine" which will take effect on May 1 [1] - The regulation aims to strengthen legal protection for the development of Sichuan cuisine, addressing previous policy measures that were fragmented and lacked a comprehensive approach [1][2] - The regulation consists of 29 articles focusing on promoting the Sichuan cuisine industry, enhancing regional cooperation, internationalization, cultural heritage, and talent cultivation [1][2] Industry Development - Sichuan is the second province in China to legislate for a local cuisine, learning from the legislative experience of Guangdong's Cantonese cuisine regulation [2] - The regulation emphasizes a problem-oriented approach to construct a modern Sichuan cuisine industry system, addressing issues such as departmental coordination, industry chain improvement, and talent supply [2][4] - The Sichuan Provincial Department of Commerce will lead six key initiatives, including brand cultivation, restaurant evaluation systems, and promoting Sichuan cuisine consumption and internationalization [4] Brand and Market Strategy - Sichuan aims to build a brand matrix system for Sichuan cuisine, integrating public brands, specialty foods, and time-honored brands to enhance market presence [4] - The province has 57 "Chinese Time-Honored Brands" and over 200 "Sichuan Time-Honored Brands," with 80% related to Sichuan cuisine [5] - The regulation highlights the importance of brand as a core element and the key role of market entities in driving the development of Sichuan cuisine [4] Internationalization Efforts - The international recognition of Sichuan cuisine is high, but its image and influence need enhancement, which is a significant goal of the new regulation [6] - The Sichuan Non-Heritage Association plans to promote Sichuan cuisine through various channels, including participation in domestic and international exhibitions [6] - The Sichuan Provincial Department of Commerce will facilitate foreign trade and investment for Sichuan cuisine enterprises, encouraging them to explore international markets [6] Talent Development - Sichuan has over 60 educational institutions offering programs related to Sichuan cuisine, producing nearly 20,000 professionals annually [7] - The province is transitioning from traditional apprenticeship models to standardized and scientific training methods in culinary education [7] - The regulation reinforces the commitment to cultivating culinary talent and supporting the high-quality development of Sichuan cuisine [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's total revenue for 2024 is projected at 3.363 billion yuan, a year-on-year decrease of 5.28%. The net profit attributable to shareholders is expected to be 346 million yuan, an increase of 4.5%, while the net profit excluding non-recurring items is estimated at 281 million yuan, up 1.28% [2][4]. - In Q4 2024, the total revenue is expected to be 676 million yuan, down 7.88%, with a net profit of -2.489 million yuan, indicating a reduction in losses, and a net profit excluding non-recurring items of -20.282 million yuan, showing an increase in losses [2][4]. - For Q1 2025, the total revenue is projected at 564 million yuan, a decline of 18.86%, with a net profit of 15.218 million yuan, down 71.8%, and a net profit excluding non-recurring items of 5.003 million yuan, down 87.09% [2][4]. Summary by Sections Financial Performance - The company’s revenue and profit are under pressure, with a significant decline in Q1 2025 compared to the previous year. The revenue for 2025 is expected to continue facing challenges due to store closures and external factors affecting consumer behavior [10]. - The company plans to establish a processing base in Nepal to mitigate cost fluctuations, investing up to 500 million yuan in its subsidiary [10]. - The company aims to maintain a high dividend policy, proposing a cash dividend of 5.2 yuan per 10 shares, with a total cash dividend of 340 million yuan for 2024, resulting in a payout ratio of 98.04% [10]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 271 million yuan, 312 million yuan, and 364 million yuan respectively, with corresponding EPS of 0.65 yuan, 0.75 yuan, and 0.88 yuan. The price-to-earnings ratio is projected to be 35, 30, and 26 times respectively [10].

Core Viewpoint - Ziyan Food is expanding its international presence with the opening of its first North American store in New York and plans to invest 300 million yuan in a beef processing facility in Nepal, aiming to connect global consumers with high-quality Chinese cuisine [2][3]. Strategic Layout of Upstream Raw Materials - The stability of beef supply is crucial for Ziyan Food, which plans to establish a beef processing project in Nepal to ensure supply chain stability and control procurement costs, potentially exporting tens of thousands of tons of beef to China annually [3][4]. - The project has received support from the Chinese embassy in Nepal, highlighting the importance of international cooperation in enhancing trade [4]. Innovation and Growth Resilience - Ziyan Food reported a net profit of 346 million yuan in 2024, a year-on-year increase of 4.5%, demonstrating resilience amid industry challenges [4][5]. - The company focuses on differentiated positioning and enhanced R&D capabilities, particularly in the meal-oriented segment, which has higher entry barriers compared to snack-oriented products [4][5]. - The establishment of a research and innovation center in Lianyungang aims to tailor products to local tastes across various Chinese cities, with successful new products like spicy rabbit legs gaining popularity [4][5]. Overseas Expansion - The opening of the North American store marks a significant step in Ziyan Food's internationalization strategy, following successful store launches in Australia [6][7]. - The choice of developed markets like Australia for expansion is a strategic decision to align with the company's mid-to-high-end positioning and to leverage the mature market systems that reduce uncertainties [6][7]. - The company emphasizes the importance of localizing products to cater to foreign consumer preferences, such as offering boneless options for Western markets [6][7].